CBOT futures closed lower with soybean futures leading the way down. Markets were pressured by a negative outlook for US/China trade relations following rhetoric between VP Pence and a Chinese leader at a weekend summit. The G-20 meeting comes at month’s end. Favorable South American weather also weighed. Soybean contracts fell back to the middle of the 2-month trading range; this comes one day after posting a one-month closing high. The speculative crowd has a sizable short soybean position and added to it today.

As of November, 18: U.S. Corn is 90% harvested, compared to 93% for 5-yr average. U.S. Soybean is 91% harvested, compared to 96% for 5-yr average.

Kentucky’s soybean harvest is only 75% complete, compared to 84% for 5-yr average.

Kentucky Weekly Livestock Summary for the week of Nov 12-17, 2018
Receipts: 14,240 Last Week 23,202 Last Year 24,095
Compared to last week, steer and heifer sales were mixed. Beginning and ending the week steady to 4.00 lower sandwiching a couple of days selling up to 5.00 higher. The week was shortened by the veterans Day Holiday. Demand was light to moderate for an average through good quality offering. Slaughter cows and slaughter bulls sold unevenly steady with prices ranging from 3.00 lower to 3.00 higher.

In the feeder supply, steers made up approximately 41 percent and heifers approximately 43 percent. Feeder cattle over 600 lbs totaled approximately 49 percent.